Girardi's best season came in 2011-12, and he hasn't quite reached that level since, but he remains a legitimate top-four defenseman and makes of the lesser half of New York's top pairing, along with Ryan McDonagh.

Earlier in negotiations, he was looking for a long-term deal worth about $5.5 million annually, and that would be reasonable enough for both sides, given what he'd get on the open market.

UPDATE: Girardi has indeed signed for six years and a $5.5 million salary cap hit, according to multiple reports. There's no way he would've gotten less in the summer, so New York's choice was either sign him to this deal or not sign him at all.

The end result: New York gets a few reasonably priced years out of a solid-enough player. Given the physical nature of Girardi's game, he may not age well — but as he ages, the cap and cost for defensemen rises, too, so who knows. The other course of action: Don't sign him at all and use your money elsewhere.

This also means that McDonagh-Girardi will be a pair for the next several years. They're good together, but it's worth noting McDonagh's underlying numbers improve when he's not playing with Girardi: this season, New York has taken 56.2 percent of all even-strength shot attempts when McDonagh is paired with someone other than Girardi, and 50.0 percent when they're together.

It remains less likely that Ryan Callahan and the Rangers agree on their own extension. Callahan, 28, is reportedly looking for seven years and about $45 million, which is understandably enough to make the Rangers balk. Callahan, like Girardi, was headed for unrestricted free agency in the summer.